I was SIRPed in August 2022 and took the pension lump sum payment. After my 9 months of severance was up, I filed for unemployment. I was (re)determined to be ineligible for benefits because the estimated monthly benefit from the pension exceeded the unemployment amount.
Did anyone else who took the lump sum successfully receive unemployment benefits?
If I get SIRP next round, get the 9 months severance, decide to retire, do not start receiving pension right away but receive retirement benefit and supplement, can I wait a couple of months after receiving the severance to apply for unemployment. Then draw pension after unemployment runs out?
There is no estimated monthly benefit with lump sum... You took one or the other.
Sure you can calculate one but why does it matter.
Somebody is jerking you around.. Post more details of your age and if money is in 401K or IRA....
Were you over 55 or turn 55 last year?
Did you deposit Lump sum in 401K or Outside IRA?
The main questions for unemployment : Are you working (no), are you looking for a job (yes) are you receiving any monthly retirement benefits or severance (No). Was your job eliminated, were you laid off or fired without cause(yes). Did you quit (no)
You are wrong... The lump sum is just that a lump sum. No different than an IRA but similar to your 401K. You are without work and it is not a requirement to spend down your lump sum.
Anyway, If you are under 59 1/2 you can't access your lump sum unless you do a 72T scheduled payments. Between 55 and 59 1/2 your only source of income is your 401K.
You probably answered one of the questions wrong and got it rejected.
Now if you are getting monthly pension payments that is a different story.
You are not eligible for unemployment benefits if you are "receiving a pension". Taking the lump sum option from the GRP count as recieving a pension.
I too was let go in Aug 2022 and waited till Jun 1 to file.
No issues with unemployment... I took the Lump and 9 months of pay.
I did not set up any payments out of my 401K or IRA and only make withdraws when I need money. I know of 3 others that are receiving benefits so you must be checking some box wrong.
Just recall... you were fired without cause on Aug22.. If not you would still be working there as far as the unemployment agency knows. Call the unemployment office and set up a meeting.
Yes you took a lump and there was 9 months severance...That has ended and now you should be all set to file. You should be eligible for 20 weeks at $362 per week.
Appeal. Ford won't go to court to fight it.
I was laid off in June and took the lousy one month lump sum. So far I’ve been denied due to the vacation lump sum and the severance package. That’s paid out now so we’ll see what happens from now on.
@OP
Thanks for posting. Hopefully others will chime in with good follow up information that we all could benefit and learn from when we get SIRP’ed aka 🪓
Did you wait too long to file?
They look at what you made the previous 2 quarters or something like that.